ISO/02 · Midwest & South-Central US
The 15-state corridor for industrial reshoring.
LRTP Build
~$32B
Queue Backlog
~370 GW
South Reserve Margin
Tight
TERMINAL · ISO/02
LMP HEATMAP · $/MWh · 7D × 24H
MIN $14 · MAX $156QUEUE AGING · GW
Median age: 3.4y · trending +0.6y YoY
TOP CONSTRAINED NODES · 24H
FERC DOCKET STREAM
Capacity auction parameter update
TariffOrder 2023 queue reform compliance
QueueRTEP transmission expansion proposal
TransmissionAffected systems study protocol revision
ProcessCost allocation complaint — load zone
LitigationILLUSTRATIVE TERMINAL VIEW · PRODUCTION FEEDS UNDER NDA · REFRESH 5 MIN
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MISO spans 15 states from the Dakotas to Louisiana. Reshoring, EV/battery manufacturing, and South region thermal retirements are driving the largest queue and the most consequential planning cycle in the country.
STRUCTURAL METRICS
LIVE-TRACKEDConstraint Map
N/01
CriticalEV battery + chip fab cluster; load growth outpacing transmission.
N/02
CriticalReserve margin compression; capacity import constrained.
N/03
ElevatedCoal retirement gap meets Chicago metro load.
N/04
ElevatedWind-rich, transmission-bottlenecked; queue re-engineering ongoing.
Queue Dynamics
Definitive Planning Phase backlog
Multi-cycle congestion
Storage co-location share
Rising rapidly
Thermal retirements
Elevated (coal-heavy footprint)
PRA price trajectory
Upward across zones
Themes
T/01
Long Range Transmission Plan Tranches 1 & 2 unlock developable acreage; siting moves with the lines.
T/02
Battery, semiconductor, and steel announcements colliding with reserve margin compression.
T/03
Hybrid solar+storage configurations dominating queue economics.
T/04
PJM/MISO and SPP/MISO seams creating curtailment and basis risk pockets.
Rule Changes & Filings
2022
Unlocks ~53 GW of generation interconnection capacity.
2024
Largest single-cycle transmission build in US history.
Ongoing
Capacity prices settling by season; risk profile shifts by zone.
Positioning
MISO is where industrial reshoring meets transmission scarcity. Tranche 2 of the Long Range Transmission Plan is the largest single-cycle build in US history — and it is already undersized against the load that battery, semiconductor, and steel announcements are putting on the system.
Buyer's Lens
Tranche 1 and 2 unlock developable acreage along specific corridors in Iowa, Minnesota, Indiana, and Louisiana. The acquirers positioning land along these corridors before the EIS milestones print are setting up a multi-year arbitrage.
Reserve margin compression in LA / MS / AR is no longer a planning footnote. Capacity import limits across the North-South interface mean that South-zone load growth without local generation is a reliability story that will become a price story.
Storage co-location is now the dominant queue configuration. Projects with executed network upgrade commitments and DPP-cleared status carry premium acquisition value — particularly in zones with rising PRA prints.
Seasonal PRA construct prices capacity by zone and season — creating asymmetric exposure that most underwriters still average through. We model the print before it lands.
Deliverables
Audience
Engage
Position capital before the MISO cycle moves again.